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Softbank, Sanabil Inject $125 Million in SMEs

Unifonic said it will continue its growth after the recent investment to expand internationally (Asharq Al-Awsat)
Unifonic said it will continue its growth after the recent investment to expand internationally (Asharq Al-Awsat)
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Softbank, Sanabil Inject $125 Million in SMEs

Unifonic said it will continue its growth after the recent investment to expand internationally (Asharq Al-Awsat)
Unifonic said it will continue its growth after the recent investment to expand internationally (Asharq Al-Awsat)

Saudi Arabia-based engagement platform Unifonic announced its half a billion Saudi riyal ($125 million) Series B funding round, led by SoftBank Vision Fund 2 and Sanabil Investments.

Less than three years after raising the largest Series A funding round in the Middle East at the time, Unifonic has quadrupled in size.

Unifonic plans to continue this growth trajectory and will be accelerating product development and hiring to expand into new markets around the globe whilst bolstering its leading market share across the Middle East.

“At Unifonic our mission has always been to empower organizations to engage and communicate seamlessly with their customers," highlighted Ahmed Hamdan, founder and CEO at Unifonic.

"Our team is our anchor and together we aim to continue this journey and serve our clients in the best ways possible.”

Managing Partner for SoftBank Investment Advisers Faisal Rehman said, “Our investment team on the ground in Riyadh has followed Unifonic for some time and we have witnessed first-hand the company’s progress in establishing significant market leadership in the Kingdom of Saudi Arabia."

"We look forward to supporting the Unifonic team in scaling the platform across the Middle East and other emerging markets.”

A spokesperson for Sanabil Investments added: “Unifonic is poised to play a significant role in accelerating digital transformation initiatives for public and private enterprise in the Middle East. And so, we wanted to be a part of their journey, resulting in one of our largest investments in high growth, a high-impact technology company in Saudi Arabia."

"We believe we can play a significant part in strengthening their strategic position and supporting their future international growth while aligning with the country’s vision of fostering innovation.”

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ACWA Power Reports 44% Surge in Q1 Profit to $113.8 Million

A wind turbine at the Suez Energy Project. (ACWA Power)
A wind turbine at the Suez Energy Project. (ACWA Power)
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ACWA Power Reports 44% Surge in Q1 Profit to $113.8 Million

A wind turbine at the Suez Energy Project. (ACWA Power)
A wind turbine at the Suez Energy Project. (ACWA Power)

Saudi energy and water developer ACWA Power reported a 44% year-on-year increase in net profit for the first quarter of 2025, reaching SAR 427.15 million ($113.8 million), according to a disclosure filed with the Saudi Stock Exchange (Tadawul).

The company attributed the strong performance primarily to higher total revenues, an increase in other operating income before impairment and other charges, a reduction in impairment expenses, and a rise in deferred tax balances. These gains were partially offset by increased costs in project development, general and administrative expenses, and financing charges.

ACWA Power’s revenue rose 57% in the quarter, reaching SAR 1.97 billion ($525.2 million), supported by growth across development and construction management services, operation and maintenance contracts, and electricity sales.

In a letter to investors, CEO Marco Arcelli emphasized that the company maintained strong momentum in developing new projects across all sectors during the first quarter.

These initiatives not only lay the foundation for stable future revenues and cash flows, but also contribute to earnings from procurement and construction management, reinforcing the company’s commitment to financial and operational growth, he noted.

Arcelli expressed optimism about the company’s long-term outlook, highlighting ongoing efforts to strengthen project development pipelines, improve procurement strategies, and streamline construction execution.

ACWA Power is building a solid platform for consistent and sustainable growth while remaining focused on delivering its strategic objectives, he stressed.

Among the company’s most significant recent projects are several in renewable energy and water. In the solar sector, ACWA Power is developing the Al-Muwayh solar power plant in Saudi Arabia with a capacity of 2,000 megawatts and an investment of approximately SAR 35 million. The plant is scheduled to begin operations under a long-term power purchase agreement starting in 2027.

The company is also working on the Al-Khushaybi solar plant, with a capacity of 35 megawatts.

In wind energy, ACWA Power is constructing the Bash wind farm in Uzbekistan, a 500-megawatt project expected to be operational in the first quarter of 2025. Another wind project in collaboration with Uzbekistan’s national energy company will have a capacity of 65 megawatts and is also scheduled for completion in 2025.

In the water sector, ACWA Power owns a 40% stake in the Taweelah desalination plant in the United Arab Emirates, one of the largest facilities of its kind with a daily capacity of 3 million cubic meters. The company also holds a 35% share in the Sudair solar project in Saudi Arabia, which will generate 1,500 megawatts of electricity.

ACWA Power has expanded its international footprint with recent acquisitions, including an 85% stake in Yanghe New Energy Technology in China. The company also acquired strategic assets in Egypt and Kuwait and is actively entering new markets while expanding its presence in existing ones.

The company continues to prioritize innovation and R&D, particularly in solar and wind energy, green hydrogen, and energy storage. It is advancing new projects, increasing energy sales, and strengthening its global presence through strategic partnerships, including collaborations with Italian firms and others in Africa and East Asia.

ACWA Power has also launched a new research and development center in Shanghai as part of its international growth strategy.